What has the “kiasu” trait got to do with your relationship with your money lender? If kiasu as a trait is not something that you feel you can immediately relate to, there is every chance you are not from Singapore. Singaporeans have a multitude of fine traits. One of its less well known on a global level is most probably this Kiasu trait.
Sometimes it can be too easily tied in with the perception of people who do not want to miss out simply for the sake of missing out. But that is a description that lacks depth and dismisses the substance that comes with this trait.
But there is more to it than just a fear of missing out. And it is a trait that has strong virtues. It means that you have foresight. You do not simply react to things, but plan ahead and anticipate things.
They say that when you are in your 20’s, responsibility is not something that needs to sit too heavily on your shoulders. That your money is yours to live in the moment for. Whether that be aspects of your everyday life such as how you eat and drink, to having the capacity to splash out on items and events and holidays that might be deemed as luxuries to some.
But for people with the kiasu trait, it is rather likely that they are reluctant to overspend on luxury coffee’s or holidays and music events that are out of their reach. When you have the attitude of not wanting to lose out in the long run, you have adopted the attitude of being someone who wants to get value out of their money. Who wants to ensure their income doesn’t just filter out of your bank account as quickly as it comes out. But that it’s viable and it grows.
Being someone with the kiasu trait, reiterating to you the importance of looking after your money is not relevant. And with that, you are not willing to simply use the first bank that you come across regardless of the service they offer. You want to consider the different options available. Who is the bank that is going to give you the best interest rate? You chose your money lender well and will commit only when you accept it is the rational and logical option.
Your salary, your debit and credit cards. The list goes on, but ultimately the outcome should be who gives you the best value?
If you retain this trait, you are making sacrifices but with returns that you will see more strongly as you enter your 30’s than in your 20’s. By that stage, you will be able to re-invest the money that you have worked so hard to invest in.
Securing The Best Deal
With the kiasu trait, sourcing the best deals is an innate trait. Regardless of what it is, you will get the best value for your hard-earned money. You understand when to pay for something and when to hold your ground until a better deal comes around.
This is irrespective of whether you are talking about something minor or major. A cup of coffee or a two week holiday. The knock on effect is that you are able to secure your future in a sound fashion.
Getting To Where You Want To Be
This trait is driven by many positive things and one aspect of it is the individual who is striving for independence. Kiasu is not about having zero fun, not socializing and not appreciating what it is to be in your 20’s. What it is though, is an appreciation that this young age, when you finally have your own income, is about building for and securing your future. Sure, have fun, you should have fun because it is good for your soul and your mental health. But what is good for those two things in equal measure, is the security that comes with knowing you are on a stable footing. That you are more likely to be able to afford the home you want at a younger age than your peers.
Taking On The World
That kiasu is a good thing is not an argument that should need too much convincing to make. But it is a good thing. It is a positive thing that will ultimately give you peace of mind. It is not about money making you happy. It is about knowing that being sensible is something that can keep the pressure of unwanted debt at bay. Can keep things under control.
In life, bad times will happen. And there are times in nearly everyone’s lives when bad things will happen in a financial sense. Who is better off in a crisis situation? The person who has squandered or at least been loose with their money and not anticipated that down the road there may be trouble. Or the person who has made provisions for such a scenario and prepared for the worst.
Emergency funds and insurance may not appear top of the list of priorities when you are in your 20’s. However, the fact is, it is those who have considered these things that will reap the reward of planning. It is not about having the upper hand over your peers, but it is about having a security to your finances and your life that can only add to not just your financial stability but also your emotional and mental wellbeing.
It is rare that you will hear or read of success stories that are not borne from hard work and sacrifice. If you have got where you are without these two things, then it is probably not much of a success story. But when your sacrifices and endeavors have culminated in success, it is a story worth telling.
Everyone gets their share of luck, both good and bad. But it is what you do with your luck that matters. How you make good luck pay off and how you make bad luck work as a motivator. It is drive that underpins this trait. A drive to succeed. And when you act without relent in such a pursuit, there is no reason why you would not be successful. You are the author of your very own success story.
For more information, visit Credit Hub Capital Singapore.